CFTC names new director of market oversight amid leadership reshuffle

New director of market oversight division has been with the CFTC for 25 years after also serving for 11 years in private practice.

The US Commodity Futures Trading Commission (CFTC) has appointed a new director of its market oversight division as part of a leadership reshuffle.

Vincent McGonagle has been appointed director of market oversight after spending the last 25 years at the CFTC, most recently as its principal director of the division of enforcement, also serving as the acting director of the division since October 2020.

As the senior deputy director of the division of enforcement, McGonagle was responsible for opening the first regulatory investigation into Libor and other benchmarks and subsequent oversight of benchmark manipulation.

“With the challenges facing the agency and an ever changing and evolving market structure, I am thrilled that Vince has agreed to take over this important division at this critical time. DMO [division of market oversight] will benefit from Vince’s long time experience and dedication to the agency,” said CFTC Chairman Rostin Behnam.

Prior to joining the CFTC, McGonagle spent 11 years in private practice.

The CFTC has made a string of appointments in the last year, including Behnam, who was elected by the US Senate to take on the role of chair on a permanent basis in December last year after taking on the role on an interim basis in January. He replaced Heath Tarbert who stepped down following Joe Biden’s inauguration.